60,000 more Americans receive student debt relief

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and another round of student debt relief.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange, here's what we're watching

00:03on the street today.

00:04Stocks are in rally mode.

00:06Retail sales for September came in with a better than expected jump of 0.4 percent.

00:11Meanwhile, applications for unemployment benefits fell in the latest week.

00:14Taiwan's semiconductor beat forecasts with a 54 percent jump in quarterly profits and

00:20raised sales guidance for the year.

00:22The world's leading producer of advanced AI chips said business remains strong.

00:29In other economic news, with the economy top of mind for voters, the Biden administration

00:34is touting its record on student loan forgiveness.

00:37In another round of debt removal, $4.5 billion in student loan debt will be forgiven for

00:43more than 60,000 borrowers, according to a White House announcement.

00:47This follows President Biden's overhaul of the Public Service Loan Forgiveness Program

00:52originally instituted in 2007.

00:55Biden said in a statement, quote, public service workers, teachers, nurses, firefighters

01:00and more are the bedrocks of our communities and our country.

01:04But for too long, the government failed to live up to its commitments.

01:09That changed.

01:10Under Biden, there's been more outreach to government and certain not-for-profit workers

01:14who are eligible to have their student loan debt wiped out after 10 years.

01:18According to an estimate by the Consumer Financial Protection Bureau, one in every four American

01:23workers are eligible for this program.

01:26Under his watch, more than one million borrowers have benefited so far, meaning President Biden

01:32will leave office having done more to erase student loan debt than any of his predecessors.

01:38That'll do it for your daily briefing from the New York Stock Exchange.

01:41I'm Conway Gittins with The Street.